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Benefiting from economic crisis? Strategic orientation effects, trade-offs, and configurations with resource availability on SME performance

Author

Listed:
  • Tatiana Beliaeva

    (SPbU - St Petersburg State University)

  • Galina Shirokova
  • William Wales
  • Elena Gafforova

Abstract

While there is growing interest in exploring strategic orientations, their interaction, and impact on firm performance, most research has been conducted within stable economic environments. Taking into consideration economic instability, it is timely to develop a more nuanced understanding of how economic crises may affect key strategic orientation prescriptions. In this research, we examine entrepreneurial and market orientations as means through which firms may operate within an economic crisis to seize available opportunities. Additionally, we consider how increasing financial resource availability during macro-economic constraint may affect these relationships. Based on a rare, and robust national random sample of 612 Russian small to medium-sized enterprises (SMEs) collected during a recent period of economic crisis in 2015–2016, our results reveal a positive effect of entrepreneurial orientation and a non-significant effect of market orientation. Moreover, we demonstrate how financial resource availability in concert with firms’ strategic orientations yields distinctly more, and less, productive configurations.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Tatiana Beliaeva & Galina Shirokova & William Wales & Elena Gafforova, 2020. "Benefiting from economic crisis? Strategic orientation effects, trade-offs, and configurations with resource availability on SME performance," Post-Print hal-04278178, HAL.
    • Handle: RePEc:hal:journl:hal-04278178
    DOI: 10.1007/s11365-018-0499-2
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    Cited by:

    1. Palmié, Maximilian & Parida, Vinit & Mader, Anna & Wincent, Joakim, 2023. "Clarifying the scaling concept: A review, definition, and measure of scaling performance and an elaborate agenda for future research," Journal of Business Research, Elsevier, vol. 158(C).
    2. Haefner, Naomi & Parida, Vinit & Gassmann, Oliver & Wincent, Joakim, 2023. "Implementing and scaling artificial intelligence: A review, framework, and research agenda," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    3. Maria Uzhegova & Lasse Torkkeli, 2023. "Business responsibility and effectuation in internationalized SMEs," International Entrepreneurship and Management Journal, Springer, vol. 19(1), pages 47-69, March.
    4. Kaisu Puumalainen & Helena Sjögrén & Juha Soininen & Pasi Syrjä & Sascha Kraus, 2023. "Crisis response strategies and entrepreneurial orientation of SMEs: A configurational analysis on performance impacts," International Entrepreneurship and Management Journal, Springer, vol. 19(4), pages 1527-1559, December.
    5. Ji-Hoon Park & Ribin Seo, 2024. "A contingent value of bricolage strategy on SMEs’ organizational resilience: lessons from the COVID-19 pandemic," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-13, December.
    6. Dirk Clercq & Eugene Kaciak & Narongsak (Tek) Thongpapanl, 2022. "When does market hostility curtail competitive performance through diminished entrepreneurial efforts? Buffering effects of women entrepreneurs’ family business support," Small Business Economics, Springer, vol. 59(3), pages 827-844, October.
    7. Marcus Dejardin & Mario L. Raposo & João J. Ferreira & Cristina I. Fernandes & Pedro M. Veiga & Luís Farinha, 2023. "The impact of dynamic capabilities on SME performance during COVID-19," Review of Managerial Science, Springer, vol. 17(5), pages 1703-1729, July.
    8. Crespo, Nuno Fernandes & Simões, Vitor Corado & Fontes, Margarida, 2022. "Uncovering the factors behind new ventures’ international performance: Capabilities, alertness and technological turbulence," European Management Journal, Elsevier, vol. 40(3), pages 344-359.
    9. Ann-Christin Grözinger & Sven Wolff & Philipp Julian Ruf & Petra Moog, 2022. "The power of shared positivity: organizational psychological capital and firm performance during exogenous crises," Small Business Economics, Springer, vol. 58(2), pages 689-716, February.
    10. Rosa Caiazza & Phillip Phan & Erik Lehmann & Henry Etzkowitz, 2021. "An absorptive capacity-based systems view of Covid-19 in the small business economy," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1419-1439, September.
    11. Jee Yong Chung & Woojin Yoon, 2020. "Technological capabilities and internationalization of high‐tech ventures: The moderating role of strategic orientations," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(8), pages 1462-1472, December.
    12. Carlos M. Jardon & Xavier Martinez Cobas, 2023. "Emerging economies and investment in intellectual capital in crisis time: The case of Russia," Russian Journal of Economics, ARPHA Platform, vol. 9(1), pages 57-70, April.
    13. Muhammad Jawad Iqbal & Hafiz Muhammad Usman Khizar, 2022. "The Epistemology of Entrepreneurial Responsible Orientation (ERO): Theory, Conceptualization, and Future Research," SAGE Open, , vol. 12(2), pages 21582440221, April.
    14. Artamoshina, Polina & Shirokova, Galina & Osiyevskyy, Oleksiy & Bodolica, Virginia, 2023. "ADHD symptoms of CEOs and business model innovation in the SME context," Technovation, Elsevier, vol. 128(C).
    15. Yang Fuming & WeiLun Huang & Liu Xiaojing, 2022. "Micro- and small-sized enterprises’ willingness to borrow via internet financial services during coronavirus disease 2019," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 191-216, March.
    16. Matloob, Sheema & Raza, Ali & Waqas, Ali & Khan, Mohammad Jamal & Nisar, Nabeel, 2025. "Does resource orchestration theory ensure the better SME performance: A three-wave time lag investigation among manufacturing SMEs of the developing economies," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    17. Iman Cheratian & Saleh Goltabar & Mohammad Reza Farzanegan, 2022. "Survival Strategies Under Sanctions: Firm-Level Evidence from Iran," Working Papers 1569, Economic Research Forum, revised 20 Aug 2022.
    18. Maalouf, Jamal & Miklian, Jason & Hoelscher, Kristian, 2025. "Business survival strategies in a polycrisis: SME experiences from Beirut, Lebanon," Business Horizons, Elsevier, vol. 68(4), pages 461-477.
    19. Cagri Bulut & Secil Pelin Aka & Murat Nazli, 2021. "Strategic orientations toward technological innovativeness in the marble industry," SN Business & Economics, Springer, vol. 1(10), pages 1-14, October.
    20. Joeri van Hugten & Johanna Vanderstraeten & Arjen van Witteloostuijn & Wim Coreynen, 2023. "When the going gets tough, the entrepreneurs get less entrepreneurial?," PLOS ONE, Public Library of Science, vol. 18(12), pages 1-21, December.
    21. Ariful Islam & Adil Mansoor & Mostafizur Rahman & Sazali Abd Wahab, 2020. "Adjusting A Strategic Cash-Flow Model For Bangladeshi Small And Medium Enterprises: The Art Of Surviving Covid-19 Emergency," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(5), pages 194-213, October.
    22. Abbas Saad Hamada Alkhuzaie & Muzaffar Asad & Ala'a Zuhair Ahmad Mansour & Mohammed Ali Bait Ali Sulaiman & Umar Nawaz Kayani & Muhammad Uzair Asif, 2024. "Compliance with Accounting Standards by Jordanian SMEs," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 89-107.
    23. Miocevic, Dario & Kadic-Maglajlic, Selma & Arslanagic-Kalajdzic, Maja, 2025. "When does betting on ambidexterity pay off? Exploring SME’s customer relationship strategies during crises," Journal of Business Research, Elsevier, vol. 188(C).
    24. Sheema Matloob & Mónica Lorena Sánchez Limón & Halia Mayela Valladares Montemayor & Ali Raza & Julio Cesar Castanon Rodriguez, 2023. "Does Strategic Change Enhance the Relationship between Firms’ Resources and SMEs Performance in Pakistan?," Sustainability, MDPI, vol. 15(3), pages 1-20, January.
    25. Osiyevskyy, Oleksiy & Shirokova, Galina & Ritala, Paavo, 2020. "Exploration and exploitation in crisis environment: Implications for level and variability of firm performance," Journal of Business Research, Elsevier, vol. 114(C), pages 227-239.

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